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Identify the wrong statements and correct the same.(i) A perfectly competitive market deals in heterogeneous product. (ii) Each buyer Under perfect competition is a price taker. (iii) A perfectly competitive market is a market where there is only a single seller. |
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Answer» (i) Wrong. A perfectly competitive market deals with homogenous products (ii) Wrong. Each seller under perfect competition is a price taker. (iii) Wrong. A monopoly market is the market where there is only a single seller. |
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